RB Patel Group Limited, a publicly listed supermarket chain, reported a turnover of $93 million for the half-year period ending December 31, 2024, reflecting a 3.4% increase from the previous year’s $90 million. However, the company saw a slight dip in its operating profit, which decreased to $7.2 million from $7.6 million over the same timeframe.
According to the half-year financial statement released on the South Pacific Stock Exchange (SPX), the profit after tax was reported at $5,433,915, down from $5,712,128 in the corresponding period of 2023. Board chairperson Kamal Haer remarked that operating revenue grew by 3.3%, despite facing challenges such as subdued consumer sentiment and inflationary pressures.
Haer highlighted the competitive landscape of the industry, noting the entry of new players, which is contributing to the complexities of the market. Although income from rental properties remained steady, with a marginal increase of 0.14%, the company has started preparatory work on land acquisitions from the previous financial year, which had encountered regulatory hurdles.
Looking ahead, Haer expressed optimism about the company’s prospects for the year, with expectations to meet planned objectives, provided there are no significant unforeseen economic disruptions. She also pointed out that RB Patel Group is well-positioned to seize upcoming opportunities.
In line with its financial results, the group declared an interim dividend of $0.02 per share, totaling $3 million, which is set to be disbursed by February 28 this year. Shares of RBG last traded at $2.95 on the SPX.
In summary, while RB Patel Group’s turnover shows a positive trend, it faces operational challenges that could impact future profitability. However, the leadership’s proactive approach to managing these obstacles could bode well for the company’s adaptability and growth in the competitive retail sector.
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